What You Need to Know About Taxes for Your Family

Even in a year without the fiscal cliff, taxes are a complicated topic that most of us understand in only a fuzzy way.

Forms arrive in the mail and are stashed in an envelope until the meeting with the accountant or a sit-down (or several) with tax prep software to figure it out. It takes a lot of time and effort to answer the same question every year: “Do we owe?”

The whole process is confusing and stressful. (If you’ve ever received a letter of inquiry from the IRS, you really know how stressful).

A lack of understanding about taxes can cost you money in filing fees, missed deductions and in some cases, penalties. It’s important to understand the basic issues that apply to you (or at least get good help).

Tax season is upon us, so the time is ripe to review the tax issues that are most likely to affect my readers, who tend to have families and relatively high incomes.

Of course there are too many issues to cover in one post, so I have broken it up into the following (links added as published):

While I consider myself extremely knowledgeable about taxes (I’m boring like that), please keep in mind that I am not an accountant and I do not prepare tax returns for clients. This article is for information purposes only, it is not tax advice.

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About Sara Stanich

Sara Stanich, CFP®, CDFA™, works with people who are building their lives – growing a business, raising a family, moving toward personal achievements – to help them build solid financial plans for the future. Have a financial question? CLICK HERE TO ASK SARA!